The Blockchain Technology Market is on the verge of a remarkable transformation, poised to surge at an impressive CAGR of 44.3% from 2023 to 2033. This seismic growth will propel the market valuation to a staggering US$ 181.1 billion by 2033, a remarkable ascent from its 2023 valuation of US$ 4.6 billion. This meteoric rise signifies the profound impact and rising importance of blockchain technology in the digital landscape.
In 2022, blockchain technology accounted for approximately 5% of the global digital transformation market. Key factors driving this adoption include the opportunities it presents in data decentralization, data usage control, and encryption. One of the standout applications of blockchain technology is in supply chain management, which stands as the primary use case. Additionally, decentralized finance (DeFi) represents another significant domain leveraging the capabilities of blockchain technology to revolutionize the financial sector.
Request a Sample of this Report
https://www.futuremarketinsights.com/reports/sample/rep-gb-2413
Demands for Market Growth Key Players and Skilled Professionals Must Strategize
Due to advancements in technology and greater knowledge, businesses of all sizes have been more receptive to using blockchain technology. However, a significant barrier that businesses must overcome is the lack of qualified labour.
Important businesses must therefore concentrate on growing their network of seasoned staff by providing on-site maintenance and training services. By resolving challenges associated to trained labour, key organisations can assure smooth market progress during the forecasted time.
As the market enters a period of significant acceleration, both new entrants and established players compete for the top spot.
FMI forecasts a positive time of growth for key businesses, aided by the wide usefulness and stealthy product acceptance rate. In addition, blockchain technology investment could be a profitable option for newer players. Globally, the start-up sector in this sector is thriving. New variations have yet to flood the market. As a result, there is a limitless amount of room for exploration and creativity. Existing market players must consistently develop fresh and innovative items in order to avoid becoming immersed in the ocean of new market players acquiring rapid momentum among customers.
Key Takeaways from the Report :
- From 2017 to 2022, the global blockchain technology market registered significant gains, experiencing an impressive CAGR worth 42.8%
- During the forecast period, the United States market is expected to record a CAGR of 46.1% to attain a valuation of US$ 97.7 billion by 2033.
- During the forecast period, the China blockchain market is anticipated to secure a CAGR of 33.9%.
- By solution, the middleware segment dominates the market and is expected to witness a CAGR of 49.4% between 2023 and 2033.
- By enterprise size, large enterprises dominate the market currently. It is predicted to capture a CAGR of 42.6% during the forecast period.
Key Market Developments:
In October 2020, Accenture and Digital Ventures jointly launched the world’s first fully featured procure-to-pay blockchain technology. This product aims to aid Thai firms in easing buying, transactions, and funding acquisition processes.
In April 2021, Oracle Corporation launched its latest Enterprise distributed ledger technology (DLT). It is aimed for application across diverse sectors, including healthcare, finance as well as logistics.
In March 2021, Amazon Web Services (AWS) announced the wide-scale availability of Ethereum. Ethereum is a popular decentralized blockchain technology. It facilitates peer-to-peer networking, where members can easily transact, not hindered by a central authority.
Key Players:
- IBM
- Amazon Web Services, Inc.
- Microsoft
- SAP
- Oracle
- Bitfury Group Limited
- Cegeka
- Guardtime
- CONSENSYS
- PixelPlex
- LimeChain
- Accubits Technologies
- SoluLab
Ask an Analyst @
https://www.futuremarketinsights.com/ask-question/rep-gb-2413
Key Segments
By Solution:
- Applications
- Middleware
- Blockchain Platforms
By Use Case:
- Supply Chain Management
- Digital Identity
- Payments and Money
- Trading, Commerce, and Exchange
- Smart Contracts
- Decentralized Finance
- Others (Voting, Property Records, etc.)
By Enterprise Size:
- Large Enterprises
- SMEs
By Industry:
- BFSI
- Healthcare
- Retail and e-commerce
- Hospitality and Travel
- Government
- Media and Entertainment
- Transportation and Logistics
- Others (Food and Beverages, Real Estate, etc.)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
Your Market, Your Insights: Request Customizations to Optimize Your Blockchain Technology Market Approach @
https://www.futuremarketinsights.com/customization-available/rep-gb-2413
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
